Over the years, the debate regarding life insurance has generally been between Term and Whole Life insurance. Whole Life insurance provides cash value over the years, but requires a larger monthly premium commitment than Term insurance does, however, Term insurance does not build cash value over the years of ownership.
Moving forward, I would like to see people looking at Universal Life insurance versus other life insurance products. Universal Life premiums are close to Term Life insurance premiums, however, Universal Life does not have a set “Term” which it covers you. The only time you could outlive your Universal policy, is if you lived to be over 100 years old.
As baby boomers look for a new life insurance policy in the coming years, I would strongly recommend Universal Life insurance over Term Life insurance. Most insurance companies offer 20-25 year Term Life policies as the longest time period you can buy, however, with people living longer these days, do you really want to be 75 to 80 years old having to buy new Term Life insurance or allowing your old Term Life policy to expire? If your Term Life policy expires, you will continue to be covered, however, the annual premium will increase dramatically.
If you would like a Free quote or more information on Universal Life insurance, please email me at JimWigen@GetWealthyStayWealthy.com.
http://www.WHIFinancial.com
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Jim has worked as a Portfolio Manager & Financial Advisor since 1996. In May 2005, Jim founded WHI Financial Services, LLC, WHIFinancial.com, a Registered Investment Advisory firm, with headquarters in Texas. His primary focus is on portfolio management, financial & retirement planning, and financial advisory & insurance services. Jim manages investment portfolios & advises individuals, small to mid-size companies, and non-profit organizations on a variety of financial and business issues.
Prior to founding WHI Financial Services, LLC, Jim worked as a portfolio manager & financial advisor for two international investment firms. From 2001 to 2005, Jim worked with Prudential Securities (merger with Wachovia Securities, now Wells Fargo Financial Advisors), and from 1996 to 2001, he was working with Merrill Lynch. While working with both Wachovia Securities and Merrill Lynch, Jim enjoyed dual responsibilities as a portfolio manager, financial advisor and leader of the Professional Development Program.
Jim's responsibilities as leader of the Professional Development Program included, recruiting, interviewing, training, and overseeing the daily operations of all financial advisors involved in the Professional Development Program. Jim was responsible for managing between 10-20 advisors, while still managing his own client investment accounts.
In addition to his experience in the financial services area, Jim has been involved in several start-up companies. Jim's Philanthropic work includes serving as President/Treasurer of a private foundation established to provide non-profit organizations financial assistance, and Chairman/President of the Believe In Your Dreams Foundation. In 2007, Jim established the Believe In Your Dreams Foundation, a 501(c)3 organization, to help individuals who are suffering from life-altering circumstances beyond their control.
Jim has taught investment, insurance, and credit repair classes through continuing education at universities in CA & TX since 1997. Jim attended the University of Minnesota where his focus was Management & Marketing.
Jim has recently written two books, one called "Your Financial Lifecycle" a book which describes several key investment topics everyone will face throughout their life, and a book titled, "The Truth about Your Credit Score", which defines how credit scores are calculated and how you can increase your credit score, including templates which you can use to send to creditors.
Jim's books can be purchased on Amazon.com, via Author search, or by emailing him directly at JimWigen@GetWealthyStayWealthy.com.
In the Fall of 2011, Jim will be starting his radio show called, The Jim Wigen Show, Teaching You to Get Wealthy & Stay Wealthy. You can hear his shows through streaming audio by visiting JimWigen.com.
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